Hero Image

Utility News: Reserve Bank of India may again give shock to the common man, due to this your EMI may increase

Utility News: Reserve Bank of India may again give shock to the common man, due to this your EMI may increase

From home loans to car loans, bank loans can get costlier once again. In the meeting of the Monetary Policy Committee of the Reserve Bank of India, which will run from today till December 7, there may be an increase in the repo rate once again.

as

This will give a big shock to the common man. Interest rates can be increased by 25 to 35 basis points (100 bps = 1 percent) from the Reserve Bank of India.

According to reports, this big step can be taken by RBI to control inflation. With the increase in the repo rate, again from home loans to car loans, banks will become costlier. Due to this linked loan being costlier, your EMI will also increase.

as

Banks are given a loan by RBI under the repo rate. Whereas under the reverse repo rate banks are given interest on keeping money by RBI.

READ ON APP